ITC plans to acquire US firm

Business

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Published: Wednesday, July 30, 2008, 16:05 [IST]

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Kolkata, Jul 30: Tobacco major ITC Ltd is planning to acquire a US-based Information Technology firm, Chairman Y C Deveshwar said. ''We are in talks with the company and hope it will materialise soon,'' Mr Deveshwar said, speaking at the company's annual general meeting.

The acquisition would be made through the ITC's technology unit, ITC Infotech, he said without divulging details. Mr Deveshwar said ITC was interested in technology outsourcing, retail and packaging, and it was expanding a range of foods and personal care products to reduce its dependence on cigarettes.